How to Build Solid Business Partnerships and Alliances

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How to Build Solid Business Partnerships and Alliances

There can be disastrous results when care is not taken to build a solid foundation under which a new Business Partnership or Alliance can safely develop strength and stability. This Top Ten list offers some basic steps to consider when moving forward into a Business Partnership and Alliance, that can decrease the chances for negative results, and can increase the chance for a Successful Partnership to be established.

1. After choosing one another as potential partners, establish mutual ideas, goals, and philosophies operating in the team you are developing.

Look for enough compatibility to challenge and stimulate one another over time, as well as the presence of mutual trust.

2. Choose a partner whose strengths complement the limits of the other partner, and vise versa.

3. Establish the project or core focus of the partnership that is being created.

4. Determine the kind of Partnership that will be created.

Will it be Equal, or possibly an Associate relationship, or any other possible combinations in between? Factors such as determining level of financial risk, availability of time and energy for the project, and prior existence of any intellectual property tied to the project are some key items to consider. Hiring a Coach that has expertise in this area is recommended during the formative stages of the partnership, and at any time such support is needed in the future, in order to protect the best interests for each partner involved.

5. Develop a sound financial compensation plan for profits received that both partners agree to in a signed document or contract.

Legal representation for the partnership may be appropriate at this juncture.

6. Determine what roles each partner will play during the course of the project, defined and clearly documented for future reference.

Be accountable to your role, until both partners change the structure of roles established.

7. Create and suppport the intent to continually place a working plan into action, review the results of the action taken,and making expedient and necessary shifts that will support the health of the partnership over the lifespan of the alliance.

8. If possible get the support of your immediate support system established before entering into partnership.

You will need to educate them about expenditures of time, money, energy and other resources that will be needed to successfully launch the project(s) your partnership represents.

9. Have planned, regularly schedule meetings on a weekly basis.

These meetings will be set up for the purpose of discussing the wins and challenges, what's working and what's not, areas of discord and mutual planning for future growth and expansion.

10. Set a minimum time period that both partners will agree to a "no exit" clause.

New ventures take time to be planted, watered and nourished, weeded and ultimately harvested.

 

 

 

 

How to To Overcome Fear

When faced with fear, we often talk ourselves out of taking action. Most of the time, we have nothing to lose and everything to gain!

1. Breathe!

When we are excited, we get body sensations that can stop us. Stop, take some deep breaths and then proceed. This is especially important to help your voice sound calm when your knees are shaking.

2. Remember, it isnít about you!

When you get rejection, it is usually because the other person doesnít need what you are offering. It isnít personal. They may just be having a bad day. Or if they are genuinely a nasty person, they gave you a break by not prolonging the relationship!

3. Picture The WORST

Can you live through that? We awfulize most things and imagine the outcome far worse than it usually is. Ask yourself, what is the worst that can happen? Most of the time, you can handle it!

4. Master The Topic

If we feel confident in our knowledge, the fear about sharing it with others decreases. Even if they donít see value or agree with us, we feel okay, because we have developed an expertise that gives us confidence in ourselves.

5. Put something at stake or give yourself reward

A reward or penalty that is big enough will motivate sometimes. A sales trainer coached a real estate agent in making regular prospecting calls to write a check for $1000 to his ex-wife and have his secretary send it any day he did not make the number of prospecting calls he said he would.

6. Get a Buddy

Taking on something fearful with another person often will get you through it and keep you from having those dialogues in your head that try to talk you out of it. A coach can also help shine light into those dark areas!

7. Talk about it out loud

Once you identify the fear and talk about it out loud, it will often diminish. Another technique is to close your eyes and picture yourself doing that thing you are afraid to do. Now run through the same scene but do it very fast. Now run through it very slow, next make it silly, make it brighter, make it dimmer. Has some of the fear dissipated?

8. Read something inspirational or listen to tapes.

Play your favorite motivational tape or read something inspirational right before you take action to help your mind focus on what is POSSIBLE rather than what could derail you. Think about how you will feel when you have taken action. Write down the top 10 feelings youíll have when you have done this thing!

9. Use your strengths-take the easy way!

Sometimes we focus on thinking we "should" do things that just arenít our strengths. Take a look to see if you can accomplish what you want some other way. What easy ones can you do first? How can you leverage what you already have without having to tackle an unknown.

10. If you have a frog to swallow, do it quickly

Donít look at it too long. Sometimes, there is no way around the fact, you are going to have to take an action that is fearful. The longer you fret about it, there more energy you waste. JUST DO IT!!!!

 


 

 



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